Perception Sensors Market size is expected to reach USD 360 Billion by the end of 2036, expanding around 3% CAGR during the forecast period i.e., 2024-2036. In the year 2023, the industry size of perception sensors was over USD 25 Billion. The growth of the market can be attributed to the rising number of car accidents, and growing demand for passenger safety around the world. According to the Centers for Disease Control and Prevention, 1.35 million people are killed on the road every year. Almost 3,700 people are killed each day in crashes involving cars, buses, motorcycles, bicycles, trucks, or pedestrians.
Along with these, as a result of stringent government regulations, the autonomous capabilities of vehicles are projected to rise in the forthcoming years. This is another factor expected to drive perception sensors market growth in the future. Stringent regulations around vehicle safety are prompting automakers to adopt advanced ADAS features, further driving the market for perception sensors.
Growth Driver
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~3% |
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Base Year Market Share (2023) |
~USD 25 Billion |
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Forecast Year Market Size (2036) |
~USD 360 Billion |
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Regional Scope |
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Type (RADAR, LIDAR, Camera, Infrared Radiation (IR), Inertial Measurement Units (IMUs))
In terms of type, the camera segment is predicted to hold the highest CAGR of 25% by the end of 2036. This is predicted to grow on account of the abilities of this perception sensor to reduce the complexity of the circuit, consume very low static power, and offer higher sensitivity owing to the presence of the latest pixel architecture. Furthermore, increased resolution is going to provide even more detailed information for accurate object recognition and identification. Smaller and more compact cameras will enable integration into smaller devices and robots. Additionally, AI-powered algorithms are going to enhance the ability of cameras to handle challenging environmental conditions and extract meaningful information from the data.
Vehicle Type (Commercial, Passenger)
In terms of vehicle type, the passenger vehicle segment is predicted to dominate the perception sensors market growth with a growth rate of 60% during the estimated period. The segment for passenger vehicles is estimated to lead the market, in terms of share, ascribing to the rising need for the optimization of fuel consumption and growing demand for environment-friendly and safety-oriented vehicles. From 2017 to 2025, an analysis shows the number of green vehicle models sold by Hyundai Motor and Kia Motors in South Korea. By the year 2025, it is expected that approximately 38 eco-vehicle models will be produced by the Hyundai Motor Group. Features such as lane departure warning, blind spot detection, and automatic emergency braking rely heavily on sensors such as cameras, radar, and ultrasonic sensors, driving the demand and thus driving the segment growth in the estimated timeframe.
Our in-depth analysis of the global perception sensors market includes the following segments:
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Type |
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Vehicle Type |
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Application |
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APAC Market Forecasts
The perception sensors market in the Asia Pacific region is predicted to record 33% growth by the end of 2036. The growth can be attributed to the back of lesser automotive production costs, availability of low-cost labor, and increasing disposable income of the population. In addition, the growing number of vehicular accidents and escalating emphasis on automobile safety systems are also anticipated to boost market growth in the region. Well-known automakers like Hyundai, Toyota, and Honda are based in the Asia-Pacific area and are investing in autonomous car technology. In order to build autonomous vehicles, these OEMs have partnered with numerous international software and hardware companies. In the upcoming years, they also intend to make significant investments in the advancement of sensor technologies for driverless vehicles. The region's nations are also setting up the necessary infrastructure to use electric vehicles, which may contribute to the emergence of autonomous vehicles. For example, in October 2021, Honda and Cruise, a General Motors company, inked a deal whereby Honda will invest USD 2 billion over a 12-year period in the development of autonomous car technologies.
North American Market Statistics
The North America perception sensors market is set to grow significantly during the time period between 2024-2036. The growth can be attributed to the rising adoption of advanced driving systems and increasing sales of electric vehicles. The increasing integration of smart devices in homes and wearables is also fuelling demand for miniature, low-power perception sensors for features like gesture recognition and environmental monitoring. This is predicted to drive the growth of the perception sensors market in the region during the prediction period.
Author Credits: Saima Khursheed
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